SocGen upgrade JSW PW, SEB downgrade TEL2B SS, HSBC upgrade RGS LN, MBTN SW ••• Jeff top pharma pick SAN FP, Cana upgrade CGL IM, Equinet downgrade IVG GY, Espirito downgrade GRG LN ••• Beren downgrade NRX FP, Nordea downgrade BOCONB DC, upgrade SWMA SS, Investec upgrade TET LN Equita upgrade DIA IM,

FP, reinstate SGRO LN (b), Nordea upgrade ORNBV FH ••• Exane upgrade AAL LN, initiate BPOST BB (n), Equinet downgrade DBK GY ••• KepChev downgrade IVG GY, RHM GY, upgrade IT IM, Numis u/g MEC LN, ITV LN ••• Cana downgrade MONY LN, DGE LN, upgrade MEC LN, reinstate ABI BB (b) EFTA00386264 Reporting

e MPI LN, JEFF initiate SMDR LN • CBK upgrade MOR GY, downgrade BEI GY, Numis downgrade MONY LN, CIU LN, SGE LN, MACQ upgrade LXS GY BERE downgrade IVG GY, HELV upgrade GAM SW, downgrade OERL SW, Nordea downgrade GOL NO Reporting Pre-Open: BF.B, BIG, SPLS, AEGR, AEO, CTCM, FLL, HOV, LINC, MFB, OSIR, PO